Coal news and updates

Vedanta chief seeks auction in oil, fertiliser too

February 24: Anil Agarwal, Chairman, Vedanta Resources plc, while welcoming the auction of coal blocks, has advocated that this transparent auction process be implemented in the oil and gas, fertilisers and metals sectors, a company release has said.

“India stands at the cusp of an unprecedented and resurgent growth trajectory. With more such initiatives by the government, positive sentiment will translate into significant investments, including large-scale foreign direct investment (FDI) and a stronger platform for the country in the global arena,” Agarwal said in the release.

He also tweeted: “Coal auctions will earn Rs 1.47 lakh crore and boost jobs: Mining is people-intensive. Auctions in oil and gas, fertilisers, metals can kick-start economy.”

“Through the auction, all stakeholders are in a win-win situation. The public exchequer will be richer by Rs 1.47 lakh crore while companies can resume stalled operations and reduce their dependence on coal imports. The auction will fetch the state governments huge monies over years by way of royalty, thus reducing their dependence on the central government for economic aid,” the Vedanta chief said through the press release.

Agarwal, according to the release, was one of the first who advocated a transparent auction process for the mining sector. “The auctions, a landmark decision by the Government of India, are a clear indication of the reform-oriented actions of the Narendra Modi-led government,” he further said.

Vedanta has enormous faith in India's growth potential and has invested in various mining and refining facilities across the country. After the uncertainty of supply in the recent past, the coal auction is a confidence-boosting measure by the government, as it is the most transparent process for transferring of resources from the public to the private sector, the release added.